Funding arb · Price arb /

SPX

all SPX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.001%

Price spread now: Bitget against Lighter−0.270%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$137as in the Price arb table

costs, in and out, $10k−$1161.164% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.014%−$1 on $10k

Price spread, last 4 days (all we have)+0.241%+$24 · spread now −0.270%, 7d avg −0.063%

Together, before fees+0.228%+ Points / potential airdropLighter: Season 3 · farm board+$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.208% cheaper against Lighter than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of −0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter SPX	0.5065	0.0096	pay 0.0012% / 1h	40m 24s	$138K	$380K	5x
Short	Bitget SPXUSDT	0.5051	0.0100	get 0.0050% / 4h	2h 40m	$2.6M	$1.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee LighterbpFee BitgetbpOrdersPrice spread, now −0.270%Rate

Funding earned: $0.84
Price spread: −0.270% → −0.063%: −$20.8
Slippage, 4 orders: −$104.36
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$136.32
Costs to cover: 1.164%
Break-even: 1143.0 days

Slippage from Lighter: live order book, 64 min ago; Bitget: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Lighter live order book, 64 min ago	27.83 bp	27.8 bp −$28	67.8 bp −$678	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	9.82 bp	30.4 bp −$30	79.3 bp −$793	doesn't fit	doesn't fit

SPX on 19 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective SPX/USDC PERP	+0.0033%	1h	0.4979	−1.692%	$9	$4K	5.5x	as long as short
Lighter SPXlong	+0.0096%	1h	0.5065	long leg	$138K	$380K	5x
Hyperliquid SPX	+0.0100%	1h	0.5058	−0.136%	$10.3M	$7.9M	5x	as long as short
Aster SPXUSDT	+0.0100%	4h	0.5064	−0.012%	$135K	$130K	10x	as long as short
Binance SPXUSDT	+0.0100%	4h	0.5059	−0.113%	$5.0M	$22.4M	75x	as long as short
Bybit SPXUSDT	+0.0100%	4h	0.5055	−0.192%	$11.5M	$17.1M	50x	as long as short
OKX SPX-USDT-SWAP	+0.0100%	4h	0.5052	−0.251%	$924K	$3.1M	20x	as long as short
Gate SPX_USDT	+0.0100%	4h	0.5048	−0.330%	$1.0M	$598K	50x	as long as short
MEXC SPX_USDT	+0.0100%	4h	0.5056	−0.172%	$11.7M	$5.1M	100x	as long as short
KuCoin SPXUSDTM	+0.0100%	4h	0.5054	−0.211%	$3.7M	$5.4M	50x	as long as short

Show all 19 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget SPXUSDTshort	+0.0100%	4h	0.5051	−0.270%	$2.6M	$1.5M	50x
BingX SPX-USDT	+0.0100%	4h	0.5054	−0.211%	—	$6.9M	—	as long as short
Variational Omni SPX	+0.0100%	4h	0.5074	+0.187%	$937K	$1.5M	—	as long as short
ApeX Omni SPXUSDT	+0.0100%	1h	0.5086	+0.421%	$26K	$254K	25x	as long as short
SunX SPX-USDT	+0.0100%	4h	0.5081	+0.322%	$8K	$1.7M	20x	as long as short
Extended SPX-USD	+0.0104%	1h	0.5054	−0.218%	$33K	$255K	10x	as long as short
Orderly PERP_SPX_USDC	+0.0182%	4h	0.5065	+0.006%	$20K	$599	10x	as long as short
BloFin SPX-USDT	+0.0340%	4h	0.5094	+0.579%	$252K	$1.0M	75x	as long as short
Kraken Futures PF_SPXUSD	+0.1443%	1h	0.5094	+0.570%	$249K	$545K	20x	as long as short